Saturday, 20 October, 2018

European shares higher, Asia mixed after Wall St rebound

Kazuhiro Nogi | AFP | Getty Images Kazuhiro Nogi | AFP | Getty Images
Elsie Buchanan | 09 February, 2018, 03:54

The yield on the 10-year Treasury note rose to 2.74 percent from 2.71 percent.

The Dow is up 174.13 points, or 0.7 percent. But the Dow is up 24 percent in the past 12 months the S&P 500 has gained 18 percent.

A topsy-turvy session for the S&P 500 Index ended with technology, materials and consumer shares leading a 1.7 per cent advance.

Dealers tracked their colleagues in NY, where the Dow suffered its worst points fall in history and wiped out all its 2018 gains, while the S&P 500 also took a beating to sit down for the year.

The index of 30 big-name US companies ended up at 24,912.

The declines were led by Japan's Nikkei which took one of its steepest dives since the 1990s before recovering to close down 4.7 percent. Dow swings were of up to 1,000 points.

USA stocks shot higher in afternoon trading as the market looks to recover from its biggest loss in 6 ½ years. Expectations the Fed will hike interest rates more than the three times expected this year has lifted the dollar against high-yielding currencies including the Australian dollar, South Korean won, Indonesian rupiah and South African rand. March WTI crude declined $0.76 or 1.2 percent to $63.39 a barrel on the New York Mercantile Exchange.

As a result, many in the markets think the change in tone is a natural adjustment to the fact that the global economy is moving on from the global financial crisis that gripped it a decade ago.

"This increased volatility had been one that the market was anticipating at the start of the year, but certainly took its time to arrive and may retain a spot in the market after this week's tumultuous turn". That's less true for China, whose financial markets are more cloistered from global investors.

Cops: Thieves break into home of Patriots' Gronkowski during Super Bowl week
Cooks caught a pass over the middle and tried to weave his way back across the grain before getting smacked by Jenkins. New England Patriots' tight end and former Amherst resident Rob Gronkowski has had a lousy couple of days.


The losses followed a massive US sell-off on Monday, which saw the Dow Jones industrial average break below the 25,000 level and erase gains made by the index this year.

The US benchmark S&P 500 fell by more than 4 per cent while the Dow Jones Industrial Average lost 4.6 per cent on Monday. Futures on Australia's S&P/ASX 200 Index rose 1.7 per cent. Futures on Hong Kong's Hang Seng Index advanced 0.5 percent.

BOUNCING BACK: Wynn Macau, the China arm of US casino company Wynn Resorts, jumped almost 7 percent in Hong Kong after the company announced that two executives are replacing Steve Wynn as chairman and CEO.

The early gains follow the market's steepest drop in six and a half years. Futures showed Wall Street was due for a lackluster start. Corrections are seen as entirely normal and even helpful in curbing excessive gains during bull markets. It has been an uncommonly long time since the last market correction, which ended nearly two years ago.

"The main reason for the decline on the US stock market is that the recent figures released by the USA looked pretty strong", explained Lu Zhengwei, chief economist at Shanghai-based Industrial Bank. US crude oil fell 36 cents to $63.79 a barrel in NY.

The Russell 2000 is down 27.54 points, or 1.8 percent. Brent crude, which is used to price worldwide oils, shed 62 cents to $67.00 per barrel.

After Asian and European equity markets plunged yesterday, NY stocks started their trading day with another jaw-dropping fall as the Dow index dove almost 3%, adding to the previous day's record loss.

However, sentiment was such that a third straight day of declines for the pound failed to prop up share values - with sterling standing at $1.3960 on Tuesday evening as the USA currency built some strength.

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